Taiwan Set to Introduce Strict Cryptocurrency Regulations to Combat Money Laundering

Taiwan is set to become the latest country to introduce clearly defined cryptocurrency regulations. The new crypto regulations are being designed to combat money laundering activities in the country.

Anti-Money Laundering Cryptocurrency Regulations

Qiu Taisan, the Justice Minister of the country says the laws should be in place by November 2018. He made this known during a recent conference held by the Taiwan Financial Services Coalition (FSC). Taiwan will play host to the Asia Pacific Group on anti-money laundering (AML) later in the year. The group is expected to evaluate the country’s existing AML laws. Justice Minister Taisan wants the new crypto laws to be in place before then.

The Taiwan Central Bank, as well as the Ministry of Interior via its Bureau of Investigation, will be in charge of regulating the crypto market. The FSC invited a couple of cryptocurrency exchange platforms earlier in the month to discuss their operations in the country. Yang Chin-long, the Governor of the country’s central bank, had earlier called for AML laws to be enacted for bitcoin

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